Ryanair CEO Ties Fuel Outlook to Trump’s Midterm Math

Ryanair’s full-year results on Monday came with familiar messaging: a record profit, 208 million passengers carried, and confirmation that the company will be effectively debt-free by the end of the month.

Fielding questions for more than an hour on the follow-up analyst call, Group CEO Michael O’Leary offered his views on Donald Trump, Iran, fuel markets, nervous consumers, Boeing’s recovery, European airport policy, and why he believes some rival airlines may not survive the year.

Ryanair is Europe's largest airline by passenger numbers, one of the sector's most profitable companies, and arguably the continent's clearest barometer on the health of the short-haul leisure market. Here's what stood out:

1. O’Leary on Trump’s Iran Timeline

The most striking comments on the call had little to do with fares or fleet plans. It was O'Leary's assessment on U.S. domestic politics, tying the Strait of Hormuz to the U.S. midterms elections and offer